Minnesota Legislature passes bill that includes full Section 179 conformity
October 15, 2020 By Mark Dorenkamp Filed Under: Minnesota, News
Minnesota farm groups are praising the state legislature for finally passing legislation that includes full Section 179 conformity.
Minnesota Farm Bureau director of public policy Amber Glaeser tells Brownfield it was good to see bipartisan support in both chambers for one of the Federation’s top priorities.
“A fifth special session, so it took a while. But we were able to get it done, and it will be a great opportunity for farmers and ranchers and small businesses across the state to have that certainty.”
Minnesota Corn Growers first vice president Bryan Biegler says having the state conform with the federal expense cap of $1 million is going to make a world of difference.
“Especially that first time a guy went in there after trading in machinery and a lot of guys got that big surprise, a little extra bill on that than what we were figuring on having.”
Glaeser says the bill that just passed will fix the issue Biegler is referring to.
“It retroactively goes back to allow those people who were impacted by the changes to like-kind exchange to use full conformity Section 179 for tax years 2018 and 2019, which is really great to see.”
Minnesota Soybean Growers Association president Jamie Beyer thanked elected officials from both sides of the aisle for setting aside election-year politics and agreeing to do the right thing for farmers and rural Minnesotans.
Governor Walz, who is expected to sign the bill in the next day or two, released a statement Thursday afternoon saying it’s been a long journey. But by finally coming together and working across the aisle, he says Minnesota proved once again that if Washington won’t lead, we will.
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